January 9, 2020
The Multifamily Firm is proud to announce the sale of the 1910 Morrill Villas in Laurel Park Downtown Sarasota, Florida. The 1910 Morrill Villas, located at 1910-1912 Morrill Street, consists of 11 total units, in 3 solid masonry construction buildings, on 2 adjacent parcels totaling approximately 19,882 square feet of land. The property is situated on the south side of Morrill Street, just a short walk from Main Street, Burns Court, and Bayfront Drive in Downtown Sarasota.
The offering was only on the market for a day before going under contract and ultimately closed at $1,750,000, which equates to $159K per unit and $251 per square foot. The transaction marked one of the lowest CAP Rate sales in Sarasota County for a 1960’s apartment complex over the past 12 months, which further demonstrates the extreme high demand for multifamily properties in the Sarasota market. Phil Ginexi & Kyle Keelan from The Multifamily Firm handled the marketing of the asset and ultimately brokered the sale.
Sarasota Multifamily Property Sale Highlights:
- One of the Lowest CAP Rate Sales Over the Past 12 Months in Sarasota County for a 1960’s Apartment Complex
- One of the Highest Price Unit & Price Per Square Foot Sales Over the Past 12 Months in Sarasota County for a 1960’s Apartment Complex
- Multiple Offers Generated and Went Under Contract Within a Week
- Phenomenal Class A+ Location; just South of Main Street in Laurel Park Downtown Sarasota